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USD/JPY bounces till 121, markets eyes new year high

Friday, March 20, 2015 12:11 PM UTC

RES 4: 124.13
RES 3: 123
RES 2: 122.20
RES 1: 121.20 (200 day HMA)

PRICE: 120.95 @ 11:58GMT
SUP 1: 120.48 (23.6% retracement of 115.55 and 122.01)
SUP 2: 119.90
SUP 3: 119
SUP 4: 118.20

COMMENTARY:

USD/JPY has taken support around 119.25 (trend line joining 115.55 and 116.86) and recovered till 121. Overall trend is bullish as long as support 119.25 holds.

On the downside any weakness will drag the pair further down till 118.70/118.

The pair's major resistance is around 121.30 and any break above could pave way for next target around 122.10/123 in short term.

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USD/JPY bounces till 121, markets eyes new year high

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